Deflation is the worry, deflation is the worry, deflation is the worry

The BBC continue to push the idea that all we have to fear is deflation whilst their Labour friends stoke up the real threat of hyper-inflation by starting on the process of quantitative easing. Today the BBC report that

"One of the measures of UK inflation is expected to fall below zero - a sign of falling prices - when figures are released later.

Economists expect the Retail Prices Index (RPI), which includes housing costs, to have declined for the first time in 49 years. "

Strange how when inflation is "the problem" the Government and the BBC push the CPI which excludes housing costs and so understated inflation over the recent period of house price inflation, but now that deflation is "the problem" and house prices and borrowing costs have reduced the measure used is the RPI which includes housing costs - very strange...